Spinwheel Market Research Report

Company Overview

Name: Spinwheel

Mission: To make it easier to manage debt using advanced APIs and innovative solutions embedded within financial apps and services.

Founded By: Tomas Campos (co-founder)

Headquarters: No information available

Number of Employees: No information available

Revenue: No information available

Known For: Spinwheel is renowned for providing comprehensive debt management platforms that improve outcomes for borrowers and businesses through easy integration and advanced API solutions. They focus on handling various types of consumer debt, including credit card debt, student loans, personal loans, auto loans, mortgage loans, and buy now pay later (BNPL) schemes.

Products

1-Click Solutions

1-Click Solutions simplify various debt management processes. All you need is a phone number and birthdate to make use of these solutions.

1-Click Balance Transfers:

Description: Enable users to make highly-targeted balance transfer offers and complete transfers instantly.

Key Features: Real-time user balance visibility, quick processing, automatic confirmation and settlement details.

1-Click Debt Management:

Description: Help consumers optimize their financial health by providing complete visibility into their debt and payment profiles.

Key Features: Recommendations based on user debt, seamless integration to offer loans and manage financial health.

1-Click Debt Relief Intake:

Description: Streamline the customer intake process for credit counselors and debt settlement companies.

Key Features: Acquisition of 100% verified information in one click, up-to-date real-time credit card balances, no manual data entry.

1-Click Direct Pay:

Description: Allow lenders to disburse funds to any existing debt effortlessly.

Key Features: Real-time balances and billing information, increased adoption of direct disbursement, reduced risk of default and fraud.

1-Click Pre-Qual:

Description: Pre-qualify users for loans with minimum required information.

Key Features: Access to 9-digit SSNs, tradelines, VINs, credit scores, and real-time balances, enhanced underwriting data.

API Features

Connect: Access comprehensive debt data with just a phone number and birthdate making real-time, accurate debt visibility possible.

Optimize: Custom recommendations and actions based on consumer debt and goals, enabling financial apps to save users on average $150/month.

Pay: Facilitate quick debt payments, balance transfers, and automated payments, reducing processing times significantly.

Finance: Embed personalized financing opportunities directly within apps, improving user retention and conversions.

High-Level Product Descriptions

Debt APIs: Offer comprehensive debt management and financial integration covering major debt categories including credit card debt, personal loans, mortgages, student loans, auto loans, and BNPL.

Plug and Play Integration: APIs and whitelabel drop-in modules allow seamless integration and launch within hours.

Recent Developments

Recent Developments and News

Feature in American Banker: Spinwheel was highlighted for offering innovative white-labeled web and mobile experiences to banks, empowering them to manage, understand, optimize, and pay off debt efficiently.

Student Loan Payment Resumption: Spinwheel provides resources and integrations to help borrowers manage the resumption of federal student loan payments.

Partnerships with Banks: Fintechs are pitching banks with debt management and optimization solutions powered by Spinwheel’s infrastructure.

Product Updates:

Spinwheel CRED: New product designed to help consumers manage rising credit card debt.

Spinwheel CARES: Comprehensive student debt solution aiding borrowers in managing student loan debts.

Recent Innovations

Public Service Loan Forgiveness Data Integration with Mohela: Updated API integration to support public service loan forgiveness.

Enhanced Debt Management Solutions: Inclusion of real-time balance visibility, verified borrower profiles, and direct pay capabilities.

Notable Blog Posts and Articles

How To Prepare Your Customers for Student Loan Payments Resuming

The State of Debt in America: Spinwheel’s 2022 Look at Debt and Personal Finance

Fintechs pitch banks with solutions to help consumers deal with debt

Contact Information

Email: hello@spinwheel.io

API Documentation and Keys: Available via developer portal on the Spinwheel website.

This report encapsulates the core aspects and recent developments at Spinwheel, emphasizing their mission, product offerings, and significant updates in the domain of debt management solutions. The streamlined integration and advanced features highlight Spinwheel’s role as a transformative player in the fintech space for debt solutions.